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Cash Deposit Before Loan Cannot Trigger Section 68 in Borrower’s Case
Case Law Details
- Case Name
- Durga Pulses Vs ITO (ITAT Raipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Raipur
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Durga Pulses Vs ITO (ITAT Raipur)
Cash Deposited Before Loan in Creditor’s Account? Still No 68 Addition in Borrower’s Hands- If Creditor’s Source Is Doubtful, Addition Lies u/s 69A in Creditor’s Case—Not 68 in Borrower’s Case
Tribunal examined addition of ₹10,00,000 made by AO u/s 68 on the ground that creditor Smt. Kamlabai Bhushnia had deposited equivalent cash in her bank account just before giving loan to Assessee. AO held creditworthiness & genuineness unproved as creditor failed to furnish balance sheet, capital account & explanation for the cash deposit. CIT(A...
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